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ARISE IIP Signs Development Agreement With Ogun State For Development Of Remo Economic Industrial Cluster

ARISE Integrated Industrial Platforms (ARISE IIP), the developer and operator of world-class industrial ecosystems across Africa, in partnership with the Ogun State, has announced the signing of a development agreement for the development of the Remo Economic Industrial Cluster which includes three special economic zones. This agreement, in line with ARISE IIP’s ambition to unlock Africa’s industrial potential, will support the State of Ogun in advancing the region’s industrialisation agenda.

Under the agreement, ARISE IIP will invest respectively $400 million in the development of these three zones. The project is a public-private partnership between ARISE IIP and the State of Ogun, each will hold a stake of 77.5% and 12.5% in the asset, and 10% are dedicated to potential local investors.

Located in the Sagamu area, the three zones will create nearly 12,000 direct and 20,000 indirect jobs and aim to attract an estimated $1 billion in foreign direct investment for phase 1. Construction will begin in January 2023 and the zones are expected to be fully operational by the fourth quarter of 2024.

Spreading across 549 hectares as part of phase 1 and a total of 6,300 hectares, the Remo Economic Industrial Cluster will seek to promote and attract multi-sectoral industrial and commercial investments in the Ogun State, and develop the local manufacturing of raw materials into high-added value products. The zones will focus on agro-processing, light industrials, pharmaceuticals, and logistics.

Gagan Gupta, Founder and CEO of ARISE IIP commented: “The ARISE IIP teams are very proud to be able to support the authorities of the State of Ogun in the development of this ambitious cluster, comprising three industrial zones. By leveraging our experience in the design and management of industrial ecosystems and the sustainable transformation of natural resources, we aim to contribute to making the Ogun State a key player in the responsible processing of raw materials, light industries and pharmaceuticals.”

Prince Dapo Abiodun, Ogun State Governor said “This first phase investment of over $400million by Arise Integrated Industrial Platform (IIP) in the SAPZ is a testament that Ogun State is truly an investor destination of choice, and I thank the management of Arise IIP for trusting us. We also appreciate that this investment will birth new investments in the entire gamut of agricultural value-chain.”

For the past few years, ARISE IIP has experienced a remarkable expansion across Africa, with 12 integrated industrial zones accelerating the continent’s industrialisation. For reference, in Gabon, ARISE IIP manages the Gabon Special Economic Zone (GSEZ) which focuses on the timber industry, and has created 16,000 jobs, attracted 120 investors, and enabled Gabon to move from being an exporter of logs to the world’s 2nd largest producer and exporter of veneer, as well as the first in Africa. Across the continent, ARISE IIP’s primary drive has always been the creation of industrial ecosystems committed to generating high local added value along with sustainable growth.

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